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Litecoin Price Analysis and Forecast - Can LTC Hit $40 by the End of the Week?

  • Thomas Hughes
    📈 Price Predictions

    Currently occupying the 6th spot in market rankings by volume, Litecoin has an entire supply valued at just over $2 billion


Litecoin Price Analysis and Forecast - Can LTC Hit $40 by the End of the Week?
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

One of the oldest cryptocurrencies in circulation, Litecoin was initially launched in October 2011 as a codebase fork of Bitcoin. What this means is the two coins don’t share transaction history or the genesis block but have similar characteristics and are based on the same original coding.

Litecoin transactions, however, are faster and carry lower fees which stems from the fact that block time is shorter than Bitcoin’s at around 2.5 minutes. Currently occupying the 6th spot in market rankings by volume, Litecoin has an entire supply valued at just over $2 billion and is trading at 34 US Dollars according to aggregate data from CoinMarketCap.


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Technical Outlook – The Week Ahead

From a long-term perspective, Litecoin is in a clear and strong downtrend. In the near-term, over the last 7 days, it has gained more than 11% against the US Dollar and extending a minor uptrend. It is currently supported by a bullish trend line and seems headed towards the recent peak around $40 which will act as horizontal resistance.

LTC/USD chart

If the $40 barrier is broken Litecoin’s biggest test to the upside will be the 200-day Exponential Moving Average (blue line on the Daily chart above), a break of this key element will bring in additional buyers. However, we don’t expect $40 to be broken this week and the 200 EMA is a much more distant target so a touch of it would be a big surprise.

LTC/USD chart

From a shorter-term perspective (4-hour chart above), we have minor resistance at $36 which may be touched in the next few days, possibly Wednesday or Thursday. Taking a look at the 200-period Exponential Moving Average on a 4-hour chart we can clearly see that it lacks directional bias. That alone suggests the 4-hour chart is in range mode, albeit with a bullish bias. If the pair reverses to the downside, the 200 periods EMA will act as support, followed by the bullish trend line visible on the chart and by the horizontal support around $29.

4-Hour Chart Support: bullish trend line and $29 - $30 (the exact price differs depending on exchange)

Daily Chart Support: bullish trend line and $22 (latter level not expected to be touched this week even if trend line is broken)

4-Hour Chart Resistance: $36, $40

Daily Chart Resistance: $40, 200 days Exponential Moving Average

Most likely scenario: The pair is mostly ranging, with choppy price action but a bullish bias so we expect a touch of $36 in a day or two- and the-way price behaves there will determine the next move. A break would make $40 the target by the end of the week, while a bounce would suggest that more sideways action will follow.

Alternate scenario: drop below the 200 EMA (4-hour charts), pair finds support at the bullish trend line

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Bitcoin Price Is Heading to Its Next $7,000 Target! When Will BTC Break Resistance?


Bitcoin Price Is Heading to Its Next $7,000 Target! When Will BTC Break Resistance?
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

After a short pause, Bitcoin has decided to take a few steps up to reach the new resistance level. What’s the chance for BTC to hit new price levels? Read Bitcoin price predictions from Twitter users to find out what they think about the short-term prospects of this cryptocurrency.

BTC will continue rising

There are many positive forecasts claiming that BTC will reach new heights in the nearest future:

$5,600 is the next threshold to reach:

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The bullish shift hasn’t ended yet:

Tendencies remain positive:

Expect new bullish runs:

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Time for retracement?

At the same time, many users see that there’s some BTC volume declining, which means it’s very likely to dump a bit:

Another piece of proof:

A lot depends on Bitcoin’s ability to stay above the $5,000 level:

Reaching a new height and dumping is another very likely scenario for BTC:

However, the next height before a correction might be somewhere about $7,000:

Time will show whether BTC will be able to overcome the new resistance. At the moment, it’s not the right time to enter the market. Wait for BTC to dump a bit – it is very likely to happen.

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